Can the landlord increase the preferred rent any amount as long as it doesn't surpass the legal regulated rent?

I moved into my apartment in 2017, and when I first renewed my lease my rent increased by 6.45% (going from $1550 to $1650). When I asked my landlord, they said they were allowed to increase my rent as much as they wanted as long as it wasn't more than the regulated rent. I signed the renewal, but noticed that this year my rent is only going up 1.5%.

And compare what is said in your lease and ALL renewals, including riders with what DHCR says is required.

I would also get a rent history (Google: DHCR rent history) and make sure you request it all going back to 1984. Initially look for inordinate increases going back 4 years, but I would also look for possible fraud before that. How did the LL get to $1550? What was the rent prior to that?

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